According to the British Bankers Association, May saw the number of approved mortgages soar to its highest level since 2014. High street banks throughout the UK approved almost 73,000 mortgages, compared to a 20 month low of just over 60,000 in December. The size of approved loans for property purchase also rose to almost £170,000, in comparison to two years ago when a typical loan was approximately £159,000. The rise in successful mortgage applications is consistent with the trend we have seen since the beginning of 2015 and confirms the buoyancy of the property market.
IHS Global Insight chief economists have predicted the continued growth of mortgage approvals as recent surveys highlight a significant increase in the number of people interested in buying a house. A large portion of property purchases are made by buy to let investors. This area of the market continues to thrive.
With regard to purchasing a buy to let property, it is always prudent to seek professional advice and assistance. Location is the first thing to think about when you begin scouring the market. You need to consider the convenience of the transport links for city commuters as well as the local amenities and educational establishments. These and other aspects will always have considerable impact on the price you will pay for the property and the amount you can request for monthly rent.
If you are a first-time landlord, you need to think about the management of your property. Good management is vital for smooth running tenancies. Our property management services cover every aspect, from helping you find a suitable property and tenant to rent collection and maintenance and repairs. You can select the amount of assistance you need, and our experienced team will provide a professional and proficient service. We focus on helping our clients make their investments work for them and securing the highest returns possible. If you need help with buy to let investment properties in Harrow, Bexley, Croydon, Enfield and all other London boroughs, we can aid you every step of the way.
